Spain’s Cellnex has become the sole owner of the telco infrastructure company OnTower Poland.
This follows the acquisition of a 30% stake in the company from iliad for approximately €510 million. OnTower Poland was created by Cellnex and iliad in 2021 as part of Cellnex’s acquisition of the network of nearly 7,000 mobile phone operator Play locations in Poland. It currently operates a total of 8,500 sites in Poland and plans to deploy up to around 3,400 new locations by 2030.
The company has a 20-year service provision contract with Play, extendable for additional successive periods of 10 years.
Cellnex says the transaction is an intermediate step of actively evaluating strategic options for its current portfolio, with the aim of crystallising value and accelerating the process of obtaining the investment grade rating (commitment to ensure the BBB rating – from S&P no later than 2024, and maintain Fitch’s BBB rating).
